Bank of Baroda:

Sustaining performance amidst challenging times

Performance Analysis: 20142014-15 (FY15)
V.S.Narang
General Manager
May 11 , 2015

BOBs Results At A Glance

Results for Q4, FY15

Performance
Parameter

Rs crore

Growth
(y-o-y)

598

-48.31

2,694

Total Business

Ratios for 2014-15 (FY15)

Key Performance Ratio

(in %)

Return on Average Assets

0.49

4.42

Return on Equity

9.21

10,45,625

8.25

Cost-Income Ratio

43.63

Total Deposits

6,17,560

8.55

13.33

Total Advances

4,28,065

7.82

Capital Adequacy Ratio

(Basel II, Tier 1: 10.14%)

Total Assets

7,14,989

8.41

Capital Adequacy Ratio

(Basel III, Tier 1: 9.87%)

12.60

Net Worth

36,895

11.48

Provision Coverage Ratio

64.99

Total Capital (Basel II)

51,116

10.72

Tier 1 Capital (Basel II)

38,856

13.59

Gross NPA

3.72

Business per Employee

18.89

1.29%

Net NPA

1.89

Net Profit
Operating Profit

BOBs Results At A Glance

Parameter

Q1,FY15

Q2, FY15

Q3, FY15

Q4, FY15

Net Interest
Income

3,328

3,401

3,286

3,172

Fresh Slippages

1,881

1,758

3,042

1,359

986

1,175

1,598

4,083

Incremental
Restructuring

Banks Key Strategic Initiatives in FY15

During FY15, the Banks Bulk and High-Cost Deposit at Preferential Rate (above Rs 1 crore) were
lowered by Rs 15,535 crore at end-Mar, 2015 in the Banks domestic business.
It significantly strengthened its Credit Monitoring process and the system for Early Detection of Stress
Accounts to enable it to take suitable follow-up actions.
Furthermore, it also strengthened its Retail/SME Loan Factory set up with marketing professionals. As
of 31st Mar, 2015, it had 60 RLFs & 54 SMELFs operational across India. Its Central Sales Offices (CSOs)
have been streamlined at the Zonal (or State) level to help create a Sales and Service Culture in the
Bank. Three Agri Loan Factories were opened in Gujarat, Western UP and Bihar, Orissa & Jharkhand
zones of its operations.
It opened 351 new branches in its Domestic Operations and set up 1,776 new ATMs and 3,757 new POS
machines (Point of Sale Machines) in FY15. It also opened 106 e-Lobbies during this period to offer 24*7
basic banking operations.
The Bank converted 33 more Metro and Urban branches into Baroda Next branches during FY15.
Its Corporate Financial Service branches and the newly created Mid-Corporate branches were
strengthened significantly in FY15 to contribute to credit growth.
As on 31st Mar, 2015, 22,030 villages were covered under the Banks Financial Inclusion drive. To cover
these villages, Bank has engaged more than 8,700 Business Correspondents.
Under Prime Minister Jan Dhan Yojna (PMJDY), the Banks share was at 5.7% of the total accounts
opened by all banks and share in deposits mobilized is 7.86%.

Bank of Baroda: Key Strengths

Bank of Baroda is a 106 years old State-owned Bank with modern & contemporary personality,
offering banking products and services to Large industrial, SME, retail & agricultural customers
across the country.
Uninterrupted Record
in Profit-making and
Dividend Payment

Overseas Business
Operations extend across
24 countries
through 104 Offices

Strong Domestic
Presence through
5,190 brs & 8,030 ATMs

Pioneer in many
Customer-Centric
Initiatives

Capital Ratios
in excess of
Regulatory
Requirements

First PSB to receive & maintain

Corporate Governance
Rating (CGR-2)

A well-accepted &
recognised Brand in
Indian banking industry

Modern & Contemporary

Personality

Relatively Strong Presence

in Progressive States like
Gujarat & Maharashtra

Globally Integrated
Advanced Technology
Platform

Domestic Branch Network

(as on 31st Mar, 2015)
No. of Domestic Branches

During FY10 to FY15, the Bank added

2,090 branches to its domestic network.

6000

4,874

5,190

4276
5000

3100

3364

During FY15, the Bank opened 351new

branches & merged 13 brs in its domestic
operations.

3904

4000

3000

Out of the newly opened 351 brs during

FY15, 98 belonged to metro & urban
areas; 113 to semi-urban areas & 140 to
rural areas.

2000

1000

FY10

FY11

FY12

FY13

FY14

FY 15

Regional Break-up of
Domestic Branches as on 31st Mar 2015
Metro

Urban

SemiUrban

Rural

989

903

1386

1912

The newly opened 351 brs in FY15

mainly were in Gujarat , U.P., Rajasthan,
Punjab, Jharkhand, Haryana and M.P
Around 36.84 % of the Banks network
at the end of Mar, 2015 was situated in
rural areas.

Concentration (%): Domestic Branch Network

(As on 31st Mar, 2015)

Rest of India, 25.5

Gujarat, 18.8
Maharashtra & Goa,
10.2

UP & Uttaranchal,
23.8

South, 11.1
Rajasthan, 10.8

Pattern of Shareholding: 31st Mar, 2015

As on 31st Mar, 2015
Indian
Public
4.7%

Corp.
Bodies
2.7%

Paid up Share Capital: Rs 443.56 crore

Others
2.0%

Net worth:

Rs 36,895 crore (up 11.48%, y-o-y)

B. V. per share (vs. F. V. per share: Rs 2): Rs 166.83

(up 2.54%, y-o-y)

FIIs/FPI
16.5%

Return on Equity: 9.21 % in FY15

BOB is a Part of the following Indices

Insurance
Cos
9.6%
Mutual
Funds/UTI
6.9%

Govt. of
India
57.5%

BSE 100, BSE 200, BSE 500 & Bankex

Nifty, BankNifty, CNX 100, CNX 200, CNX 500
BOBs Share is also listed on BSE and NSE in the
Future and Options segment.

Macro Environment: FY15

Underlying economic currents remained weak for India throughout FY15.

Official estimates place economic growth for FY15 at 7.4% as per revised and rebased
estimates of GDP.

Agriculture growth is expected to be lower at 1.1% in FY15 due to deficit and uneven rains in
kharif season and unseasonal rains in rabi season. A slowdown continued in the mining and
manufacturing sectors during the year.

Services sector covering 60.0% of the economy is estimated to have grown by 10.6%.

Inflation slipped significantly during FY15 on the back of easing crude oil price. While WPI-based
inflation dipped to -2.33% in March 2015, CPI-based inflation eased to 5.17% in March 2015.

With the easing of inflation , the RBI reduced the policy rate by 50 bps during FY 15.

However, despite growth concerns, there are some green shoots of growth visible.

There have been passage of coal mines bill and insurance bill. Also, there is some progress
on passing of GST. The Government focused on fiscal consolidation and presented a
investment oriented Union Budget for fiscal 2016

With improved business sentiments, Moodys upgraded Indias sovereign rating outlook to
positive from stable in April 2015.

Indian banking sector witnessed relatively lower business expansion with continued stresses on
asset quality and restructured loan-books.

Business Expansion
Particular
(Rs crore)

Mar14

Dec14

Mar15

Y-O-Y
(%)

Change
Over
Dec14
(%)

Global Business

9,65,900

9,58,230

10,45,625

8.25

9.12

Domestic Business

6,51,223

6,43,380

7,06,148

8.43

9.76

Overseas Business

3,14,677

3,14,850

3,39,477

7.88

7.82

Global Deposits

5,68,894

5,64,600

6,17,560

8.55

9.38

Domestic Deposits

3,79,054

3,82,467

4,14,278

9.29

8.32

Overseas Deposits

1,89,840

1,82,133

2,03,282

7.08

11.61

Global CASA Deposits

1,46,488

1,49,141

1,62,969

11.25

9.27

Domestic CASA

1,20,381

1,24,013

1,36,752

13.60

10.27

Overseas CASA

26,107

25,128

26,217

0.42

4.33

Share of Domestic CASA in Total Deposits improved to 33.01% at end-Mar, 2015 as against
31.76% at end Mar, 2014.

Business Expansion

Mar15

Y-O-Y
(%)

Change
Over
Dec14
(%)

3,93,631

4,28,065

7.82

8.74

2,72,169

2,60,913

2,91,870

7.24

11.86

1,24,837

1,32,717

1,36,195

9.10

2.59

46,019

48,736

52,488

14.06

7.70

19,558

21,622

22,542

15.26

4.25

SME Credit

56,634

59,320

61,993

9.46

4.51

Farm Credit

28,432

35,335

37,403

31.55

5.85

Credit to Weaker
Sections

20,599

22,810

22,510

9.28

-1.32

Particular
(Rs crore)

Mar14

Dec14

Global advances (Net)

3,97,006

Domestic Advances
Overseas Advances

Retail Credit
Of which:
Home Loans

CASA Position

Particular
(Rs crore)

Mar14

Dec14

Mar15

Y-O-Y
(%)

Change
Over
Dec14
(%)

Global Saving Deposits

96,437

1,02,844

1,10,172

14.24

7.13

Domestic Savings Deposits

93,381

99,449

1,06,736

14.30

7.33

Overseas Savings Deposits

3,057

3,395

3,436

12.42

1.21

Global Current Deposits

50,050

46,297

52,797

5.49

14.04

Domestic Current Deposits

27,000

24,563

30,016

11.17

22.20

Overseas Current Deposits

23,051

21,734

22,781

-1.17

4.82

Banks Profits & Its Key Components: Q4, FY14 & FY15
Particular
(Rs crore)

Q4, FY14

Q4, FY15

YOY
(%)

Interest Income

10,289

10,762

4.60

Interest Expenses

7,164

7,590

5.95

NII (Spread)

3,124

3,172

1.54

Other Income

1,326

1,295

-2.34

Staff Expenses

1,040

928

-10.77

Total Expenses

9,035

9,364

3.64

Operating Profit

2,580

2,694

4.42

Provisions

1,407

2,095

48.90

Net Profit

1,157

598

-48.31

Banks Profits & Its Key Components: FY14 & FY15

Particular
(Rs crore)

FY14

FY15

YOY
(%)

Interest Income

38,940

42,964

10.33

Interest Expenses

26,974

29,776

10.39

NII (Spread)

11,965

13,187

10.21

Other Income

4,463

4,402

-1.37

Staff Expenses

4,140

4,261

2.92

Total Expenses

34,049

37,450

9.99

Operating Profit

9,353

9,915

6.01

Provisions

4,750

6,517

37.20

Net Profit

4,541

3,398

-25.16

Deposit & Loan Costs: Q4,FY14 to Q4,FY15

Particular (in %)

Q4,
FY14

Q1,
FY15

Q2,
FY15

Q3,
FY15

Q4,
FY15

Global Cost of Deposits

5.27

5.19

5.18

5.18

5.18

Domestic Cost of Deposits

7.18

7.13

7.23

7.12

7.10

Overseas Cost of Deposits

1.08

1.10

1.06

1.02

0.97

Global Yield on Advances

8.16

8.31

8.36

8.09

7.68

Domestic Yield on Advances

10.97

11.06

11.17

11.01

10.56

Overseas Yield on Advances

2.56

2.63

2.53

2.35

2.16

Deposit & Loan Costs: FY14 & FY15

Particular (in %)

FY14

FY15

Global Cost of Deposits

5.38

5.18

Domestic Cost of Deposits

7.20

7.15

Overseas Cost of Deposits

1.14

1.04

Global Yield on Advances

8.32

8.11

Domestic Yield on Advances

11.05

10.95

Overseas Yield on Advances

2.73

2.41

Investment Yields & NIMs: Q4,FY14 to Q4,FY15

Particular (in %)

Q4,
FY14

Q1,
FY15

Q2,
FY15

Q3,
FY15

Q4,
FY15

Global Yield on Investment

7.81

7.91

8.00

7.94

7.89

Domestic Yield on Investment

7.99

8.09

8.19

8.13

8.07

Overseas Yield on Investment

4.00

4.12

4.26

4.22

4.37

Global NIM

2.29

2.35

2.40

2.20

2.17

Domestic NIM

2.84

2.94

3.02

2.92

2.76

Overseas NIM

1.09

1.18

1.16

0.93

0.96

Investment Yields & NIMs: FY14 & FY15

Particular (in %)

FY14

FY15

Global Yield on Investment

7.78

7.94

Domestic Yield on Investment

7.95

8.12

Overseas Yield on Investment

4.03

4.25

Global NIM

2.36

2.31

Domestic NIM

2.87

2.91

Overseas NIM

1.20

1.09

Non--Interest income: Q4 of FY14 & FY15

Non
Q4, FY14

Q4, FY15

% Change
(Y-O-Y)

Commission, Exchange,
Brokerage

419.24

428.79

2.28

Incidental Charges

112.46

99.80

-11.26

Other Miscellaneous Income

69.89

101.40

45.09

Total Fee-Based Income

601.59

630.04

4.73

Trading Gains

89.30

360.34

303.52

FX Profits (Treasury)

269.35

244.44

-9.52

Recovery from PWO

366.01

60.62

-83.44

1,326.26

1,295.45

-2.32

(Rs crore)

Total Non-Interest Income

Non--Interest income: FY14 & FY15

Non
FY14

FY15

% Change
(Y-O-Y)

1,437.39

1,482.04

3.11

Incidental Charges

388.03

354.17

-8.73

Other Miscellaneous Income

291.13

364.28

25.13

2,116.55

2200.50

3.97

743.80

1,007.02

35.39

FX Profits (Treasury)

1,039.06

1,005.43

-3.19

Recovery from PWO

563.33

188.54

-66.53

4,462.74

4,402.00

-1.36

(Rs crore)
Commission, Exchange,
Brokerage

Total Fee-Based Income

Trading Gains

Total Non-Interest Income

Provisions & Contingencies: Q4 of FY14 & FY15

Q4, FY14

Q4, FY15

%
Change

Provision for NPA & Bad Debts

Written-off

637.42

1,491.40

133.97

Provision for Depreciation on

Investment

293.40

37.90

-87.08

Provision for Standard Advances

191.27

314.53

64.44

Other Provisions (including

Provision for staff welfare)

31.05

-26.43

-185.12

Tax Provisions

253.59

277.68

9.50

1,406.73

2,095.17

48.94

(Rs crore)

Total Provisions

Provisions & Contingencies: FY14 & FY15

FY14

FY15

%
Change

Provision for NPA & Bad Debts

Written-off

2,967.72

3,997.71

34.71

Provision for Depreciation on

Investment

198.59

-149.36

-175.21

Provision for Standard Advances

535.04

548.12

2.44

Other Provisions (including

Provision for staff welfare)

92.36

98.02

6.13

Tax Provisions

956.23

2,022.17

111.47

4,749.94

6,516.66

37.19

(Rs crore)

Total Provisions

Banks Domestic Treasury Highlights: Q4 & Full year FY15

Trading Gains improved from Rs 732 crore in FY14 to Rs 1,009 crore in FY15
reflecting growth of 37.84%. Despite heightened volatility in financial markets,
trading gains remained healthy on y-o-y basis.

The FX Profits of Rs. 857.14 crore was booked in the FY15 and provided good
support to Non-Interest Income generation.

As of 31st Mar , 2015, the share of SLR Securities in Total Investment was 81.19%.

The Bank had 74.97% of SLR Securities in HTM and 23.72% in AFS at end-Mar 2015.

The Bank shifted SLR securities worth Rs 3,593.02 crore (Face Value: Rs 3,645.45
crore) from HTM to AFS in the First quarter of the Year 2014-15.

The per cent of SLR to DTL at end-Mar, 2015 was at 24.43 %.

As on 31st Mar, 2015, the modified duration of AFS investments was 3.01 & that of
HTM securities was 5.42.

Total size of Banks Domestic Investment Book as on 31st Mar, 2015 stood at Rs
1,16,446 crore.

Highlights of Overseas Business: Q4 & Full Year FY15

During FY15, the Banks Overseas Business contributed 32.47% to its Total Business,
22.98% to Gross Profit and 28.60% to Core Fee-based income (i.e., Commission, Exchanges,
brokerage, etc.)

Out of the Total Overseas Loan-book, 53.1% was Buyers Credit/BP/BD; 23.0% was in
Syndicated Loans/ECBs (mostly to Indian corporates) and 23.9% was in Local Credit. The
Banks exposure to non-India related companies is around 27.4% of its overseas loan-book
as on 31st Mar, 2015.

While the GNPA (%) in domestic operations was at 4.64%, it was 1.70% for overseas
operations as on 31st Mar, 2015.

The Cost-Income Ratio in Overseas operations was more favourable at 20.18% in FY15
versus -48.17% in Domestic operations.

In FY15, the NIM (as % of interest-earning assets) in Overseas operations stood at 1.09%;
Gross Profit to Avg. Working Funds ratio at 0.98%

The Outstanding balance of restructured loans in overseas operations as on 31st Mar, 2015
was at Rs 3,268.70 crore, out of which the Standard restructured loans were at Rs 2,486.25
crore.

During FY15, the Bank opened 2 new branches in its Overseas Subsidiaries in Meru,
Kenya and Mwanza, Tanzania.

NPA Movement (Gross): FY15

Particular

( Rs crore)

A. Opening Balance

11,875.90

B. Additions during FY15

8,515.34

Out of which, Fresh Slippages

8,038.94

C. Reduction during FY15

Recovery

1,492.81

Upgradation

1,058.43

PWO & WO

1,563.49

Other Adjustments

15.07

NPA as on 31st Mar, 2015

16,261.44

Recovery in PWO in FY15

188.54

The Banks PCR was at 64.99% in Q4 of FY15 as against 65.45% in Q4 of FY14.

Sector--wise Gross NPA [Sequential Movement]

Sector
Gross NPA
(%)
End-June,
2014

Gross NPA
(%)
End-Sept,
2014

Gross NPA
(%)
End-Dec,
2014

Gross NPA
(%)
End-Mar,
2015

Agriculture

5.98

5.72

5.74

5.30

Large & Medium Industries

5.35

6.13

6.83

7.02

Retail

2.29

2.15

2.24

2.57

Housing

1.47

1.43

1.46

1.43

MSE

5.87

6.32

7.11

7.13

Overseas Operations

1.18

1.25

1.81

1.70

Sector

Restructured Accounts (Domestic)

Outstanding as on 31st March, 2015 (Rs crore)

Year

Standard Category

NPA Category

Grand total

No. of A/Cs

Amount

No of A/Cs

Amount

No of A/Cs

Amount

92

611.62

96

6.82

188

618.44

2008-09

3,672

532.87

2,776

210.10

6,448

742.97

2009-10

1,870

1,324.56

1,187

410.44

3,057

1,735.00

2010-11

382

1,706.38

289

192.53

671

1,898.91

2011-12

1,107

2,850.62

475

625.25

1,582

3,475.87

2012-13

7,976

6,166.95

2,786

1,999.86

10,762

8,166.81

2013-14

16,124

6,615.37

4,408

1,256.35

20,532

8,567.71

2014-15

15,650

8,187.00

1,125

280.13

16,775

7,771.14

Total

46,873

27,995.37

13,142

4,981.48

60,015

32,976.85

Less standard
restructured
accounts that
ceased to attract
higher provisions
and/or additional
risk weight at end
of FY15

6,930

4,674.01

6,930

4,674.01

TOTAL

39,943

23,321.36

53,085

28,302.84

Up to 2008

13,142

4,981.48

Restructured Accounts
Globally Restructuring is as follows:
Quarter

Q4-2014-15
Q3- 2014-15
Q2-2014-15
Q1-2014-15
FY2014-15
FY 2013-14

Domestic

International

Total

A/cs

Amount

A/cs

Amount

A/cs

Amount

6,704

4,018.75

64.78

6,708

4,083.53

2,278

1,528.88

69.54

2,284

1,598.42

4,264

924.56

250.54

4,266

1,175.10

3,758

948.23

37.84

3,761

986.07

16,773

7,420.42

15

422.70

16,788

7,843.12

6,397.00

356.00

6,753.00

The provision on account of diminution in fair value for Q4 FY15 is Rs 200.35 crore ( as against Rs 65.55 crore in Q3,
Rs 44.37 crore in Q2, and Rs 25.74 crore in Q1) and Rs 314.74 crore during the FY 15 as against Rs 255 crore in the
FY14.
Globally Restructured Standard Advances stood at Rs.25,905.82 crore is 6.15 % of total Standard Advances out of
which Restructured Standard Advances of Domestic Operations is Rs. 23,321.36 crore (8.16% of Domestic Standard
Advances).
Globally Restructured assets of Rs.884.84 crore slipped to NPA during Q4 FY15 quarter. Out of the above,
domestically restructured assets of Rs 876.53 crore slipped to NPA and international restructured assets slipped to
NPA is Rs. 8.31 crore in Q4 FY15. For FY15, the restructured accounts slipped to NPA is Rs.2,612.22 crore of which
domestically restructured assets of Rs 2,335.56 crore slipped to NPA and international restructured assets slipped to
NPA is Rs. 276.66 crore.
Out of the domestic restructured assets slipped to NPA, CDR assets were of Rs 418.95 crore during Q4, FY15 and Rs
820.39 crore during FY 15.

Sectoral Deployment of Credit at endend-Mar, 2015

Sector

% share in Gross
Domestic Credit

Agriculture

10.86

Retail

14.07

SME

17.27

Large Corporate

52.23

Misc. including Trade

5.57

Total

100.0%

Technology Initiatives in FY15

Under various alternate delivery channels (like ATM, Internet Banking, Mobile Banking etc) the Bank
undertook various measures for enhancing customer satisfaction. The important among them are as
follows :
Cash Recyclers integration with ATM Switch and CBS are implemented

Multi function Kiosks with functionalities of Cheque Deposit, Internet Banking portal access
and Branch/ATM locator are implemented

Visa Debit card for UAE, BSP (Bank South Pacific) Interchange Implementation for Fiji, Chip
Based Card Implementation in India, Oman and Mauritius

Account Balance through Missed Call.

Integration with PAYTM in E-Banking.

eCommerce transactions by Debit Card and PIN for IRCTC

Banks BPR Project New Initiatives in FY15

Project Navnirmaan has altogether -18- initiatives covering both business process reengineering and organizational re-structuring, aimed at transforming the Banks branches
into the Sales and Service Centers through Centralization to make possible sustained
growth in sales, superior customer experience and alternate channel migration.
The important initiatives as on 31.03.2015 were:
Baroda-Next Branch- So far -1468-Metro/Urban branches have been rolled out as Baroda
Next branches.
City Back Office (CBO) ,Clearing operations under CTS have been centralized for
branches (linked to CBO). Currently 85 CBOs are operational throughout the country.
Total -13- Regional Back Office (RBO ) operational. Altogether -5051- branches are linked for
CASA opening and -5051-branches linked for PCB (Personalized Cheque Book) issuance.
E- Lobby: Bank has started -150- independent E-Lobbies in different Zones..
Personalized passbook printers installed in -2300- branches.

New Recruitment in FY15

Joining Status

Proposed Recruitment for the

year

(01-04-2014 to 31.03.2015)

7600

5766

3800

3172

2360

2040

b) Specialist Officers

600

362

c) Baroda Manipal Trainees

840

770

3800

2594

Category

Total New Hiring for FY15

Of which:
A. Total No. of Officers
a) Probationary Officers

d) Campus Recruitment
B. Total No. of Clerks

Officers - 834
No. of Officers & Clerks superannuated in FY14-15

Clerks - 780
Total

- 1614

Baroda Manipal School of Banking, an innovative & new channel of resourcing of trained manpower for the
Bank, is fully operational, and is continuously providing trained resources to the Bank every quarter.

HR Initiatives Undertaken
Among various HR Initiatives undertaken, the following are notable:
a)

A structured six-month long On-Boarding Programme for new officers put in place.

b)

Focussed Talent Management programme and succession planning exercise

conducted.

c)

Centralisation of various HR activities undertaken by creating an HR Shared services

CPC (Central Processing Cell) at Baroda, which has brought about efficiencies in HR
working and freed up HR time at Regions / Zones for more developmental work.

d)

Various IT tools developed and implemented

Online Performance management system for officers
Online benefit / claims module for employees
Postings Tool to facilitate the postings process
Manpower Planning Tool - to scientifically assess the manpower requirement
of branches / units

Banks Forward Guidance

Indian economy is expected to recover gradually in FY16, supported by political stability &
enabling policy framework, increased reform momentum, mixed global economic growth and
relatively lower crude oil prices.
This augurs well for the banking business. Also comfortable liquidity position and RBIs focused
inflation targeting could help further. With a broad based macro recovery and increasing pace of
reforms should see a gradual reduction in the banking industrys stressed assets.
The Bank aspires to grow with cautious optimism and would concentrate on improving its
domestic NIM to 3.0% through further rebalancing of loan-book; bringing the ROAA close to 1.0%
by further improving the CASA share and improving the yield on advances on the back of likely
improvement in economic prospects.
On the qualitative side, the Banks endeavours at BPR, Capacity Building, Technology Upgradation, Talent Management & Training, Marketing, etc. would continue with full vigour.
The Bank is continuously evolving its Strategic Focus to cope with changing environment.
We at Bank of Baroda see our sustainable performance as a source of competitive advantage in
the years ahead. We are committed to protect our Leadership Position in the market.

Thank you